External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul>
<li>SFX owns 50% of KMS, the operating company of the Thunderbird Mineral Sands mine in WA. It has a large reserve base (754 Mt), high HM grade (11% HM), and started production in Oct-23.</li>
<li>Thunderbird is a long-life asset with targeted exposure to zircon. But it is facing ramp- up difficulties and may need a recapitalisation and debt restructure.</li>
<li>While JV partner, Yansteel, has provided short-term funding to KMS, this support cannot be relied upon for SFX, putting its participation in the project at risk. </li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


SFX owns 50% of KMS, the operating company of the Thunderbird Mineral Sands mine in WA. It has a large reserve base (754 Mt), high HM grade (11% HM), and started production in Oct-23.
Thunderbird is a long-life asset with targeted exposure to zircon. But it is facing ramp- up difficulties and may need a recapitalisation and debt restructure.
While JV partner, Yansteel, has provided short-term funding to KMS, this support cannot be relied upon for SFX, putting its participation in the project at risk. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sheffield Resources - New Producer with Oversize(D) Challenges